How
has European Private Law responded to the property and mortgage markets
crisis? And in what way is this reaction likely to model domestic
systems? The financial and economic crisis that marked the beginning of
the century has had a devastating effect on the property and mortgage
markets in many Member States of the European Union. Despite this, the
European legislator took its time to respond. This book analyzes the
impact of the Mortgage Credit Directive (Directive 2014/17) in twelve
different jurisdictions: Belgium, England, France, Germany, Greece,
Ireland, Italy, Malta, The Netherlands, Poland, Portugal, and Spain. The
reports show how in some instances only certain products (such as
foreign currency loans) or practices (irresponsible lending,
homeownership promoting policies, the use of unfair terms) were factors
that triggered the property crash; in other cases; the system completely
failed to address an exceptional situation; and, finally, how in some
instances prudent lending explained why the market was virtually not hit
at all. This book aims to find out whether the two goals of Directive
2014/17 (financial sector stability and enhanced consumer protection)
can be achieved in light of its provisions and of the transposition
carried out by the different Member States, and whether the changes it
introduces have a significant impact in the jurisdictions considered
here. Some systems are already showing signs of yet another property
bubble. There is room for hope: perhaps we have learned from the past,
perhaps the Directive is a step forward, but more importantly this book
shows that we can learn from each other. [Subject: European Law, Private
Law, Property Law]
How
has European Private Law responded to the property and mortgage markets
crisis? And in what way is this reaction likely to model domestic
systems? The financial and economic crisis that marked the beginning of
the century has had a devastating effect on the property and mortgage
markets in many Member States of the European Union. Despite this, the
European legislator took its time to respond. This book analyzes the
impact of the Mortgage Credit Directive (Directive 2014/17) in twelve
different jurisdictions: Belgium, England, France, Germany, Greece,
Ireland, Italy, Malta, The Netherlands, Poland, Portugal, and Spain. The
reports show how in some instances only certain products (such as
foreign currency loans) or practices (irresponsible lending,
homeownership promoting policies, the use of unfair terms) were factors
that triggered the property crash; in other cases; the system completely
failed to address an exceptional situation; and, finally, how in some
instances prudent lending explained why the market was virtually not hit
at all. This book aims to find out whether the two goals of Directive
2014/17 (financial sector stability and enhanced consumer protection)
can be achieved in light of its provisions and of the transposition
carried out by the different Member States, and whether the changes it
introduces have a significant impact in the jurisdictions considered
here. Some systems are already showing signs of yet another property
bubble. There is room for hope: perhaps we have learned from the past,
perhaps the Directive is a step forward, but more importantly this book
shows that we can learn from each other. [Subject: European Law, Private
Law, Property Law]